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IAG: Berenbeg maintains 'buy' rating but cuts target price

( - Berenberg on Friday maintained its "buy" rating on the shares of International Consolidated Airlines (IAG), while cutting its target price from 720 pence to 700 pence.

In a note to clients, the German broker said that its analysis suggests that the airline group's recent mid-teens return on invested capital (ROIC) does not reflect a period of "over-earning".

Rather, Berenberg added, IAG can sustain returns above its peers, despite capex of about 15 billion euros to 2022 to be spent on cabin reconfigurations, M&A deals and fleet renewal.

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